US: Tenneco reports third quarter net income down to US$12m

By Simon Warburton | 29 October 2013

Tenneco has reported third quarter net income of US$12m, including US$59m in restructuring expenses, compared to Q3 2012 net income of US$125m.

On an adjusted basis, net income rose to US$62m from US$52m million a year ago.

Total revenue was US$1.96bn, up 10% from the prior year on higher revenues in all segments.

Clean air revenue increased 12% to US$1.33bn and ride performance revenue was up 7% to US$635m.
Global OE light vehicle revenue increased 10% to US$1.39bn, versus an overall 5% increase in global industry light vehicle production in the third quarter. 

Original equipment commercial and speciality vehicle revenue increased 28% year-over-year to US$236m and global aftermarket revenue was up 3% to US$333m.

"Our results demonstrate the strength and balance of our operations across end markets, regions, customers and product lines as we delivered record high third quarter revenue and adjusted EBIT, resulting in year-over-year margin improvement in both product lines," said Tenneco chairman and CEO, Gregg Sherrill.

"Our teams are executing well on plans for top-line growth while continuing to drive profitability with excellent operational performance."